SPAC stands for Special Public Acquisition Company. So Spire Global plans to go public via SPAC, but what exactly does that mean? “We look forward to working together to build long-term value for Spire stockholders.” Going Public Via SPAC “Spire is leading the way with its modern SaaS-based approach to meet the significant, growing demand for space-based data,” he said. “This transaction funds these growth plans and allows us to pursue, on a more aggressive timetable, this massive and growing long-term opportunity ahead of us.”īob Coleman, Chairman and CEO of NavSight, also expressed his thoughts on the merger. Today, our proprietary data and solutions help customers solve some of earth’s greatest challenges,” he said. “Spire was founded nearly a decade ago to help lead, inspire, and create the business of space-based data.
In a press release, Spire Global CEO and Co-Founder Peter Platzer talked about the company’s excitement for its continued growth. Once the deal closes this summer, Spire Global will list itself on the New York Stock Exchange (NYSE) under the ticker, SPIR. Spire Global said that it plans to use the funds from the merger to grow its business this includes expanding its sales team, reaching new geographic markets, and also acquiring more capabilities through software or data analysis acquisitions. The merge will occur with NavSight, a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
Its infrastructure includes a wholly owned and developed constellation of nanosatellites called LEMUR (Low Earth Multi-Use Receiver), global ground station network and 24/7 operations this helps provide real-time global coverage of every point on Earth, and happens over 100 times per day.
Spire Global, a space to cloud data analytics company, announced that it will go public through a merge agreement with an SPAC.įounded in 2012, the company identifies and tracks movement of the world’s resources and weather systems in order for businesses to make smart decisions.
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